2a) A = 15 B =15 + 13 = 28 C = 20/3 = 6.7 D = 40 – B = 40 – 28 = 12 E 70/4 = 17.5 F = 20/5 = 4 G = 17 * 6 = 102 H = 82 – 60 = 22 I = 113/7 = 16.1 J = 19.5 * 8 = 156 2b) CLICK HERE 2c) As output rises, the AFC decreases and the curve the represents it would slope downward from left to right ============================ 3ai) Similarities: i) Both provide long term loan to their member ountries ii)Both aim to promote economic development iii)Both render technical and financial advice to member states 3aii) Difference: i) ADB is meant for African countries only while IBRD is a global bank 3b) Benefit obtained by Nigeria from world Bank are: i) Approval of 500 million dollars to improve material and child health in the country in 2015 ii)Approval of 200 million dollars credit to support the nigerian agricultural sector especially small and medium scale farmers in March, 2017 ========================== 4a) A trade union is an association of workers formed primarily to protect the interest of their workers and collectively bargain with their employer for higher remuneration, improved conditions of service, greater job, security etc 4b) Functions of Trade union are as follow: i) Collective bargain with employer:it continuously negotiate with employers for raising economic welfare of the workers ii)To protect workers interest iii)To enter favourable contract with management on behalf of its members thereby making workers always and promptly receiving their entitlement. iv) To unite workers in a manner that ushers in harmony which enable them to work diligently with their employers for the overall peace and progress of the organisation as well as the nation 4c) Weapons used for Collective bargaining are: i)Strike ii) Demonstration using placards. ========================= 6a) Money is anything that is generally accepted as a medium of exchange for making payments, settlement of debt or other business obligation prior to the introduction of money, trade by barter was in vogue 6b) Functions of money are: i)A medium of exchange:With money, the difficulties posed by trade by barter is eradicated ii)A store of Value:Money is now used in storing wealth unless there is inflation, money stored or saved retain its value for money years iii) A standard of deferred payment As a result of its durability, one can buy a commodities now and buy with the money in future. iv) Money encourages division of labour :With the existence of money people tend to concentrate on certain occupations and respect it production leaving other espects to other people with means of buying the commodities with money they will earn ============================= 7a) A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services 7b) i )Infant Industries ii ) National Defense iii ) Domestic Employment Iv ) Aggressive Trade Practices V ) Environmental Concerns ========================= 8) Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price 8b) i )Possibility of Substitution: The change in supply in response to the change in price depends on the possibility of substitution of a product for others. If the market price of potato rises, resources will be shifted from there cultivation like tomato and employed in the cultivation of potato. The greater the possibility of shifting of resources to the potato cultivation, the greater is the elasticity of supply of potato. ii )Infrastructural facilities: The expansion of supply of a commodity also depends on the availability of productive facilities and inputs. The agricultural producer can not increase in response to the rise in price unless there is sufficient flow of fertilizers, irrigation etc. In case of industrial goods the expansion of supply is inhibited by the shortage of power, fuel and the essential raw materials. iii )Producers response: The elasticity of supply for a product depends on the producers’ responsiveness to the change in its price. The quantity supplied of a commodity will not change if the producers do not react positively to the increase in prices. Producers do not always increase the quantity supplied of a commodity to a rise in price. iv )Marginal Cost: Elasticity of supply of a commodity depends on the marginal cost of production. The elasticity of supply of a commodity would be less if the marginal cost of production goes up. In the short run, diminishing marginal returns operates as some factors are fixed. This gives rise to expansion of marginal cost of production. ============================ 10a) Production is incomplete without distribution because the main aim of production is to satisfy human wants. When the link between the producers and the consumers is absent, then the aim is defected. 10b) Factors that affect the volume of production are; i) The quantity and quality of factors of production (I.e land, labor, capital and entrepreneur). For example, amount of capital determines the labor to be hire and raw materials to be bought. ii) The size of market: This is the extent to which the products are demand. Iii) The nature of the product: If the goods are durable in nature, more can be produced and stored. Perishable goods have to be produced based on the ones that can be sold at that time since they cannot be stored for a long time. iv) Availability of raw materials: This will determine the quantity of good to be produced. v) Government policy: This has to do with the nature of economic policy of the government. The more favorable the government economic policy, the more they volume of goods to be produced and vice versa

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